The possibility of magnetic field control of the spectral and polarization characteristics of exciton recombination is examined in Cd(Mg, Mn) Te-based asymmetric double quantum wells. At low fields, the exciton transition in a semimagnetic well is higher in energy than that in a nonmagnetic well and the interwell exciton relaxation is fast. In contrast, when the energy order of the exciton transitions reverses at high fields, unexpectedly slow relaxation of σ- polarized excitons from the nonmagnetic well to the σ+-polarized ground state in the semimagnetic well is observed. Strong dependence of the total circular polarization degree on the heavy-light hole splitting Δ hh-lh in the nonmagnetic well is found and attributed to the spin dependent interwell tunneling controlled by exciton spin relaxation. Such a slowing down of the relaxation allows separation of oppositely spin-polarized excitons in adjacent wells.